The newly elected Finance Minister Nirmala Sitharaman is likely to begin the budget preparation process, highlighting the importance of meticulous planning and comprehensive analysis.
The Union Budget is expected to be presented in Parliament by the third week of July, according to a report by ANI.
Also read: Union Budget 2024 likely to be tabled in Parliament by third week of July
Additionally, a meeting of the Goods and Services Tax (GST) Council, chaired by Union Finance Minister Nirmala Sitharaman, is scheduled for June 22 in the national capital. This will be the Council’s first meeting since their last gathering in October 2023.
Here’s what experts from different sectors expect from the upcoming full budget in July, 2024 –
MSME
“We expect the new Finance Minister to focus on key areas that will help SME to strengthen enterprise security – Protect MSMEs from external risks such as cybersecurity threats, economic shocks, and supply chain disruptions. We hope that Modi’s third term will advocate for fostering collaboration between government, academia, and the private sector at the grassroots level to create a more supportive ecosystem for MSMEs. These measures will be instrumental in ensuring future sustainable growth and resilience for MSMEs,” said Dhwani Mehta, Founder & Director, OpportuneHR.
Mutual Fund
“The upcoming budget should prioritise economic recovery with increased infrastructure spending and robust support for MSMEs. In the mutual funds sector, which has seen Assets Under Management (AUM) grow to ₹57.26 trillion as of April 2024, there is a need for policies that boost investor confidence. This includes tax incentives, regulatory clarity, and promoting financial literacy. Additionally, ensuring sustainable growth through environmental, social, and governance (ESG) investments can further strengthen the sector,” said Chakrivardhan Kuppala, Cofounder and Director, Prime Wealth Finserv Pvt Ltd.
Health
“As the new Finance Minister takes charge, we anticipate the government’s support through increased funding and policy support. India’s healthcare sector must strengthen its infrastructure, invest in advanced medical technologies, and ensure affordable care for all citizens. A robust healthcare system is vital for our population’s well-being and the country’s overall growth,” said Dr. Jay Goyal, (Eye Surgeon, LASIK & Retina Specialist), Director, Surya Eye Hospital.
Real Estate
“With the government fortifying affordability in housing and stimulate demand, we also look forward to a potential tax relief scheme. The need for policy reorientation, cost reductions, and tax rationalization to drive growth, including GST reforms remains paramount for sustaining the upward trajectory of the Indian real estate market and ensuring its alignment with evolving economic dynamics and societal needs.” – Mr. Ashwin Sheth, Chairman and Managing Director, Ashwin Sheth Group
R&D
“We hope the next Finance Minister announces significant investment in research and development and progressive steps towards legalisation. These measures are crucial for the growth and innovation of hemp products, which can significantly contribute to the economy and sustainable practices,” said Rohit Chauhan, Director, Cannarma.
AAYUSH sector
“The Aayush-based healthcare and wellness sector is expected to reach $70 billion by next year. We are standing at a critical juncture and need the right support and guidance from the government. This will help us to lead a transformative impact on holistic health practices in India. We urge the next Finance Minister to introduce a special package to bolster the Ayush sector in the upcoming budget. With this, Aayush infrastructure, research, and accessibility can be improved greatly. In addition, we hope that Aayush products will receive subsidies and that there will be incentives to support Aayush startups,” said Vaibhav Jain, CEO, Aayush Bharat.
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Published: 13 Jun 2024, 10:57 PM IST
